Tuesday, September 16, 2008

You Want Fries with That?

Or maybe "Paper or plastic?" All of us reaching retirement in the next few years better start practicing our work phrases for retirement. Yesterday we all got to watch at least 20% of our retirement savings vaporize while we listened to Alan Greenspan tells how bad the McCain tax plan was. Hello Alan? Don't you remember telling everyone that ARMs were the way to go and that the financial industry was fully capable of managing itself.
It's ironic, I was driving through Westchester County, NY last week among all the giant gated mansions and private schools and luxurious country clubs. I didn't really realize it at moment but I was looking at your and my savings sitting there. All the "fat cats" have skimmed theirs off the top and have their huge bank accounts(mostly offshore) and they have their private jets sitting at the Westchester Country airport just waiting for a quick trip to the islands and we are cocerned about filling up the car next week.
Yeah, I know I am one of the lucky ones that actually have had an opportunity to save a little for retirement, have a job and a mortgage that will be paid off in a couple of years but that doesn't mean I can't be pissed at what these "financial wizards" have done to us as a whole.
When you think that over $700 billion in American wealth( a large part of it the savings of regular working stiffs) disappeared in a few short hours yesterday it really boggles the minds. The worst thing is that it is not over.
All you people in Texas and Lousianna buck up and get through your immediate crisis and try not to think about where the money is going to come from to get you back on your feet. Somehow we will get it worked out. It will take some time but it will get better just as soon as we get the Republicans out of the driver's seat.
Have a nice day!

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